Question

Alaska Corporation purchased 300 common shares of Burke Inc. for $23,400 and accounted for them using the fair value through other comprehensive income model. During the year, Burke paid a cash dividend of $3.25 per share. At year end, Burke shares had a fair value of $74.50 per share. Prepare Alaskas journal entries to record
(a) The purchase of the investment,
(b) The dividends received, and
(c) The fair value adjustment.